JPMorgan Chase cuts rate on $25.5M resi condo loan to 2%

Lender JPMorgan Chase Bank cut the annual interest rate on a $25.5 million loan secured by a residential condominium unit at 551 West 21st Street in Chelsea from $2.625 percent to 2 percent. The deal closed on August 6, 2020 and was recorded on September 17, 2020.
The unit owner, finance investor Mark Zittman, bought the unit in 2016 for $34.6 million, and took out the loan at that time. SR Capital developed the building.

The bank dropped the interest rate on the debt to 2 percent on the loan secured by a residential condo unit, from 2.625 percent set in 2016. The original loan documents said the interest rate would never be lower than 2.25 percent.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 44 residential units on July 25, 2019.

2016 loan document:

New loan document:

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link